Mears Group PLC
("Mears", the "Group", or the "Company")
Trading Update
Strong trading performance
The Group has experienced strong trading in the first half of its 2024 financial year ('FY24') and expects profit before tax to be ahead of both the prior year and the Board's expectations. The strong first half performance has benefited from continued elevated revenues in its Management-led activities, further improvement in operating margins and strong cash generation. The Board expects the outturn for FY24 to be modestly ahead of current market expectations1.
Lucas Critchley, Chief Executive Officer of the Group, commented:
"Trading in the first half has been excellent across the Group and this will be reflected in a strong set of interim numbers in August. We have made good progress in the first-half, with a focus on developing and broadening the range of services we offer to clients. In addition, an increased operational focus, making fuller use of the Group's IT system capabilities, is resulting in operational and commercial improvements, and is reflected in the continued progress in operating margins."
Notice of results
The Group will announce its interim results for the six months ended 30 June 2024 on Thursday 8 August 2024.
Note:
1 The Board consider the current consensus analyst forecasts for FY24, prior to this announcement, to be revenues of
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information, contact: |
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Mears Group PLC |
Tel: +44(0)1452 634 600 |
Andrew Smith |
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Lucas Critchley |
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Deutsche Numis |
Tel: +44(0)207 260 1000 |
Julian Cater |
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Kevin Cruickshank |
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Panmure Gordon |
Tel: +44(0)207 886 2500 |
Tom Scrivens |
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James Sinclair-Ford |
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About Mears
Mears is a leading provider of services to the Housing sector, providing a range of services to individuals within their homes. We manage and maintain around 450,000 homes across the
Mears currently employs over 5,000 people and provides services in every region of the
We focus on long-term outcomes for people rather than short-term solutions and invest in innovations that have a positive impact on people's quality of life and on their communities' social, economic, and environmental wellbeing. Our innovative approaches and market leading positions are intended to create value for our customers and the people they serve while also driving sustainable financial returns for our providers of capital, especially our shareholders.
We focus on long-term outcomes for people rather than short-term solutions and invest in innovations that have a positive impact on people's quality of life and on their communities' social, economic, and environmental wellbeing. Our innovative approaches and market leading positions are intended to create value for our customers and the people they serve while also driving sustainable financial returns for our providers of capital, especially our shareholders.
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